In 2014, the global market for prescription medications and other pharmaceutical products topped $1 trillion. Nearly half of that revenue came from the world’s 10 largest drug manufacturers, five of which – Johnson & Johnson, Pfizer, Abbot Laboratories, Merck and Eli Lilly – are headquartered in the U.S. The financial resources in the hands of Big Pharma have given these manufacturers enormous political clout. In fact, from 1998 to 2014, pharmaceutical companies spent $2.9 billion on lobbying, more than any other industry. Billions more is spent on marketing and other efforts to induce doctors and patients to utilize their products.
The U.S. is currently the largest medical device market in the world, representing about 43 percent of the global market in 2015. More than 6,500 device manufacturers are currently headquartered in the U.S., with Johnson & Johnson ranking as the largest. U.S. medical device companies manufacture and market a wide array of products, including hip replacements and other orthopedic implants, catheters, surgical dressings, IVC filters, and more.